University students, cell phone bills, and ordinal data Here are some monthly cell phone bills, in dollars, for university students a Convert these data from scale to ordinal (Dont forget to put them in order first ) What happens to an outlier when you convert these d ata to ordinal b What approxim...

a The accompanying table shows the ordered data and corresponding ranks When converted to ordinal da ...

University students, cell phone bills, and ordinal data: Here are some monthly cell phone bills, in dollars,

Question:

University students, cell phone bills, and ordinal data: Here are some monthly cell phone bills, in dollars, for university students:

25 20 15 Hours studied per week 10 100 200 300 400 500 600 Monthly cell phone bill (in dollars)

a. Convert these data from scale to ordinal. (Don€™t forget to put them in order first.) What happens to an outlier when you convert these d ata to ordinal?

b. What approximate shape would the distribution of these data take? Would they likely be normally distributed? Explain why the distribution of ordinal data is never normal.

c. Why does it not matter if the ordinal variable is normally distributed?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...